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Sep 30, 2022
MRC Global Q3 2022 Earnings Report
Announced third quarter 2022 results with revenue growth driven by gas utilities and DIET sectors, record adjusted gross margin and adjusted EBITDA margin.
Key Takeaways
MRC Global reported strong Q3 2022 results, with sales of $904 million, a 32% increase compared to Q3 2021. The company achieved record adjusted gross margin of 21.9% and adjusted EBITDA margin of 9.1%. Net income attributable to common stockholders was $18 million, or $0.21 per diluted share, compared to a net loss of ($17) million, or ($0.21) per diluted share in Q3 2021.
Sales of $904 million, a 32% improvement compared to the same quarter a year ago
Adjusted Gross Profit, as a percentage of sales, of 21.9%, an increase of 60 basis points compared to the second quarter of 2022 and an MRC Global record
Adjusted EBITDA of $82 million, or 9.1% of sales, a company record for adjusted EBITDA margins
Backlog of $773 million, up 4% compared to the second quarter of 2022 and up 49% compared to year end 2021
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Looking forward to 2023, the company expects double-digit revenue growth, higher annual EBITDA margins and strong cash flow generation.
Positive Outlook
- Expects double-digit revenue growth in 2023
- Anticipates higher annual EBITDA margins in 2023
- Projects strong cash flow generation in 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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